The EURJPY was volatile but indecisive yesterday. The bias is neutral in nearest term. As long as price stays above 109.45, further bullish pullback testing the trend line resistance is still potential but unless price breaks above the trend line resistance my overall technical bias remains to the downside. As you can see on my daily chart below, we have a triple top formation around 111.04 and need a clear break above that area to continue the bullish correction testing 112.90 – 113.40 and the trend line resistance. On the downside, a clear break back below 109.45 could end the current bullish correction phase, keep the major bearish scenario intact testing 106.57.
The GBPJPY was volatile but indecisive yesterday but overall still maintain its bullish correction bias, keep making higher highs but so far still unable to make a break above 127.02. The bias is neutral in nearest term but another bullish momentum above 127.02 could trigger further bullish pressure testing the trend line resistance, which would lead price to a critical technical point where a break above the trend line resistance would be a serious threat to the bearish outlook and could be the beginning of a new bullish phase. Immediate support is seen around 126.33/00. A clear break below that area could pause the current bullish correction outlook testing 125.50 – 124.85.
The AUDUSD continued its bullish momentum yesterday, slipped above 1.0525 and struggling around that area now. The bias is bullish in nearest term testing 1.0678. Immediate support is seen around 1.0500. A clear break below that area could lead price to a neutral zone in nearest term testing 1.04550 – 1.0369. Overall price is still in bullish intraday bias after bounced from the trend line support as you can see on my daily chart below and only a movement back below 1.0369 could stop the bullish intraday phase and reopen the door for another retest of the trend line support.
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